APPLIED WEALTH INTELLIGENCE
WEALTH-X INSTITUTE
UHNW INTERESTS, PASSIONS AND HOBBIES STUDY
WEALTH-X INSTITUTE
UHNW INTERESTS, PASSIONS AND HOBBIES STUDY
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INTRODUCTION SYNOPSIS One of the most important elements of research when engaging with the Ultra wealthy is to understand their interests, passions, and hobbies. When an individual has previously transacted with a private sector company, or supported a non-profit organization financially or otherwise, this is taken to represent some level of affinity for a brand or a cause. Further, the magnitude of spend or giving will also naturally be used as a proxy for the level of interest. In detailing the interests, passions and hobbies of the UHNW individual, Wealth-X aims to provide more insight into predilections that may or may not be related to aspects already known about a person. Together, these characteristics and pursuits may function as an explanation of what ‘makes someone tick.’ In previous World Ultra Wealth Reports we have presented the most popular interests among the UHNW, but only at a high level. In this paper we will take a deeper look, comparing the rankings by region, age group, and gender and then examining the breakdown of subcategories in Art, Music, Sports, Animals, and Collectibles.
METHODOLOGY Hobbies and interests are sometimes made known by the individual, for example, in an interview. In many cases, however, we infer an interest in a particular pastime, activity, or leisure pursuit on an evidential basis. In the Wealth-X dossier we may provide additional detail that gives more color to the individual’s level of interest, but for the purposes of this analysis, we treat the interest in a binary fashion. For free text descriptions of an interest, we extracted the subcategories and allocated them accordingly if possible, or labeled the interest as ‘general’ (e.g. ‘enjoys music’). Further, individuals may have multiple interests in the same main category. The subdivisions of the Music category differentiate musical genres, instruments, and practitioners. Within Art, the broad periods and different art mediums were identified. In the 2017 World Ultra Wealth Report, certain categories were excluded from the global Top 10 IPH table, namely: Business, Finance, Technology, Family, Real Estate, and Travel. These were regarded as more problematic categories which do not sit as comfortably under the label of an ‘interest.’ For completeness, they are included in this study.
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CONSIDERATIONS The analysis is based on completed dossiers where IPH are known, and it reflects different levels of coverage by country. As such there is a known bias towards regions which have a higher number of records relatively to the theoretical total UHNW population, for example Europe and North America. The extraction and assignment of subcategories from general descriptions of an interest was carried out as far as possible. However, some general statements relating to particular artists (Art and Music) and art movements (Art) were not accorded to a category as they were either not indicative of a general interest in the subcategory, or they could not be placed appropriately. The ranking by region were organized according to the geographic structure of the Wealth-X data, cognizant that the continental groupings differ in cultural heterogeneity. However, this avoids the aforementioned bias from different levels of completeness by region even though the sample sets vary in size. Blank values occur at the regional level where a particular interest does not feature in the Top 30 globally.
SUMMARY OF FINDINGS REGIONAL
The Top 30 interests, passions, and hobbies globally are presented, followed by comparative values by region. The variance figure shows the percentage range between the highest and lowest values and effectively represents a measure of ‘universality.’ Relative to other regions: ¡ North American UHNW have the highest incidence for Philanthropy, Outdoors, Public Speaking, Writing, and Law; ¡ Latin American UHNW are the highest for Aviation, Family, Engineering, Environment, and Economics; ¡ European UHNW score the highest for Travel, Art, Music, Vehicles, Food, Science, Collectibles, and Languages; ¡ Middle Eastern UHNW are the highest for Business, Finance, Education, Technology, Real Estate, Health and Wellness; ¡ African UHNW are the highest for Politics, Vehicles, Reading, and Religion; ¡ Oceanian UHNW score the highest in Sports, Boating, and Animals; ¡ Asian UHNW did not have any maximum values.
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A general observation is that the IPH with the lowest variance or greatest universality are interests that one would expect to transcend cultural differences: Business, Sports, Finance, Health and Wellness, Religion, and Writing. The interest with the highest variance across regions was Outdoors, with extremes between North America and the Middle East. Conversely, several IPH appeared within a region’s top 30 but not in the global ranking. Most noticeably, Luxury Lifestyle in the Middle East and Africa; Film in North America and Asia; Fashion in Europe; Media in the Middle East; and Agriculture in Oceania, Asia, and Africa.
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TOP 30 INTERESTS Rank
Hobby Name
% of all UHNW
1
Business
56.9%
2
Philanthropy
38.6%
3
Sports
33.0%
4
Finance
28.3%
5
Education
17.8%
6
Outdoors
17.3%
7
Public Speaking
15.2%
8
Technology
14.6%
9
Aviation
14.5%
10
Real Estate
14.4%
11
Politics
13.9%
12
Travel
13.8%
13
Family
13.2%
14
Art
9.2%
15
Music
8.9%
16
Health and Wellness
8.9%
17
Engineering
8.9%
18
Vehicles
8.6%
19
Writing
8.1%
20
Environment
7.6%
21
Food
7.2%
22
Economics
7.2%
23
Science
7.1%
24
Animals
7.0%
25
Reading
6.8%
26
Collectibles
6.8%
27
Boating
6.7%
28
Law
6.1%
29
Languages
5.0%
30
Religion
5.0%
(Global)
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0%
100%
1 BUSINESS
50.8%
63.8% 59.5%
79.1% 70.3% 62.6% 52.9%
TOP 30 INTERESTS (by Region) 1-15
2 PHILANTHROPY
26.0% 23.8% 21.2% 28.6% 30.2% 32.4%
3 SPORTS
32.6% 29.4% 38.4% 27.7% 34.3% 28.8% 38.9%
4 FINANCE
27.2% 27.4% 29.4% 37.6% 29.7% 26.0% 28.2%
North America Latin America and the Caribbean Europe
5 EDUCATION
Middle East and North Africa Africa Asia Oceania
6 OUTDOORS
Variance *The variance figure is the percentage range between the highest and lowest value in that category.
7 PUBLIC SPEAKING
19.0% 16.5% 13.1% 21.6% 15.2% 19.5% 13.0%
56%
50.5% 139%
41%
45%
66%
19.0%
16.5% 13.1% 21.6% 15.2% 19.5% 13.0%
401%
18.0% 13.5% 11.0% 14.8%
64%
12.2% 13.2%
8 TECHNOLOGY
9 AVIATION
15.6% 9.8% 12.9% 17.7% 10.1% 13.5% 13.0%
80%
18.0% 18.1% 11.9% 10.0%
143%
7.4% 12.0%
10 REAL ESTATE
12.0% 13.3% 14.8% 11.1% 17.3% 17.5%
11 POLITICS
26.4%
16.0% 10.0% 9.6% 15.2%
139%
151%
13.9% 6.3%
12 TRAVEL
10.5%
20.5% 22.5% 12.4%
114%
12.3% 15.2%
13 FAMILY
9.9% 7.2% 9.9% 10.5% 11.7%
14 ART
WEALTH-X INSTITUTE UHNW INTERESTS, PASSIONS AND HOBBIES STUDY
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8.9% 9.4% 11.9% 4.7%
29.2% 23.1%
304%
154%
8.7% 11.4%
15 MUSIC
8.9% 7.9% 11.1% 6.5% 9.1% 8.8%
72%
0% HEALTH AND WELLNESS
TOP 30 INTERESTS (by Region) 16-30
ENGINEERING
VEHICLES
100% 9.9% 6.8% 10.9% 7.6% 7.9% 10.7%
59%
7.0%
15.5% 9.8% 14.5% 6.7% 10.5% 8.3% 6.1% 8.1% 13.1% 11.9%
132%
114%
8.9% 8.0%
WRITING North America Latin America and the Caribbean Europe
ENVIRONMENT
Middle East and North Africa Africa
52%
6.2%
14.6% 10.5% 7.2%
136%
6.6% 9.7%
Asia Oceania
9.1% 6.6% 7.5% 6.1% 6.0% 7.1% 8.0%
FOOD
Variance *The variance figure is the percentage range between the highest and lowest value in that category.
ECONOMICS
SCIENCE
ANIMALS
6.0% 7.2% 9.4% 8.1% 7.1% 8.3% 5.5%
70%
5.1%
11.9% 9.8% 11.5% 6.7% 8.5% 5.8%
6.8% 6.9% 8.5% 4.4% 6.0% 7.5% 7.3% 7.5% 6.6% 8.0% 5.8%
136%
94%
109%
4.2% 8.7%
READING
6.2% 6.4% 7.1% 5.4%
80%
9.7%
COLLECTIBLES
BOATING
5.7% 7.2% 9.7% 6.5% 5.5% 6.6% 7.8% 5.4% 6.5% 12.4% 4.4% 6.0%
75%
190%
12.7%
LAW
7.4% 27%
5.8%
LANGUAGES
7.2% 9.8% 4.5%
118%
4.9% WEALTH-X INSTITUTE UHNW INTERESTS, PASSIONS AND HOBBIES STUDY
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RELIGION
5.6% 6.5% 33% 4.8%
AGE AND GENDER The following charts show the difference in UHNW interests according to three age groups: under 40 year olds, 40-70, and over 70s. The changing importance of each IPH can be observed between young adulthood, middle age, and old age. Philanthropy increases in old age and interest in Sports declines, as one would expect. However, some trends seem counter-intuitive: Real Estate as an interest increases in old age and Family reduces.
TOP 20 INTERESTS
(by Age Group)
40-70
<40
>70
Rank Hobby Name
% of all UHNW
Rank Hobby Name
% of all UHNW
Rank Hobby Name
% of all UHNW
1
Sports
50.4%
1
Business
60.9%
1
Business
55.2%
2
Business
48.7%
2
Sports
35.9%
2
Philanthropy
49.3%
3
Technology
29.6%
3
Philanthropy
34.3%
3
Sports
33.6%
4
Philanthropy
24.3%
4
Finance
32.2%
4
Finance
25.4%
5
Finance
22.7%
5
Outdoors
19.2%
5
Education
23.9%
6
Travel
22.0%
6
Public Speaking
18.9%
6
Outdoors
21.7%
7
Music
19.3%
7
Education
17.7%
7
Art
20.7%
8
Family
16.7%
8
Technology
17.4%
8
Politics
19.2%
9
Vehicles
15.3%
9
Aviation
15.4%
9
Aviation
18.3%
10
Public Speaking
13.9%
10
Travel
14.9%
10
Real Estate
15.7%
11
Real Estate
12.7%
11
Politics
14.5%
11
Travel
13.0%
12
Outdoors
12.6%
12
Real Estate
14.1%
12
Family
12.8%
13
Art
12.1%
13
Family
13.7%
13
Public Speaking
12.0%
14
Animals
11.7%
14
Art
12.7%
14
Writing
10.9%
15
Food
11.5%
15
Engineering
9.4%
15
Health and Wellness 10.2%
16
Languages
11.4%
16
Music
9.4%
16
Collectibles
9.9%
17
Fashion
10.0%
17
Health and Wellness 9.4%
17
Music
9.7%
18
Film
9.9%
18
Vehicles
9.0%
18
Technology
9.5%
19
Aviation
9.3%
19
Economics
8.5%
19
Engineering
9.0%
20
Reading
9.0%
20
Writing
8.4%
20
Science
8.5%
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INTEREST TRENDS
(by Age group)
Philanthropy Sports Education Outdoors Technology Politics Travel Family Art Music
60%
50%
40%
30%
20%
10%
0% <40
40-70
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>70
Gender differences in interests and hobbies follow somewhat stereotypical lines with the greatest differences between the sexes in Sports, Art, Fashion, and Animals.
TOP 20 INTERESTS
(by Gender)
FEMALE
MALE Rank Hobby Name
% of all UHNW
Rank Hobby Name
% of all UHNW
1
Business
61.0%
1
Philanthropy
47.5%
2
Sports
35.6%
2
Business
42.4%
3
Philanthropy
35.0%
3
Art
24.1%
4
Finance
30.7%
4
Sports
21.9%
5
Outdoors
18.7%
5
Family
20.3%
6
Education
18.4%
6
Education
19.7%
7
Public Speaking
16.2%
7
Travel
17.2%
8
Aviation
16.1%
8
Finance
17.1%
9
Technology
15.5%
9
Public Speaking
12.4%
10
Real Estate
15.4%
10
Technology
12.3%
11
Politics
14.8%
11
Animals
12.2%
12
Travel
14.1%
12
Health and Wellness 12.2%
13
Art
13.5%
13
Politics
12.0%
14
Family
13.1%
14
Music
11.8%
15
Engineering
10.0%
15
Fashion
11.5%
16
Vehicles
9.4%
16
Outdoors
11.5%
17
Music
9.0%
17
Real Estate
11.1%
18
Health and Wellness 9.0%
18
Collectibles
11.1%
19
Writing
8.2%
19
Writing
10.9%
20
Environment
8.0%
20
Food
9.0%
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SUBCATEGORY BREAKDOWN Note that the percentage incidence for the subcategories are expressed as a proportion of the subset of UHNW who have an interest in the primary category, not the entire UHNW population. Music had a high level of general interest without specifying particular genres, artists, or instruments. Classical music far exceeds other genres, whereas piano and guitar were closely matched for popularity.
MUSIC (GENRE)
Rank Genre
% of UHNW who like Music
1
General
46.9%
2
Classical
12.7%
3
Rock & Roll
7.5%
4
Singing
7.4%
5
Jazz
5.8%
6
Opera
3.5%
7
Pop
1.9%
8
Country Music
1.8%
9
Dance Music
1.4%
10
Hip Hop
1.3%
MUSIC (INSTRUMENT)
Rank Genre
% of UHNW who like Music
1
Keyboard/Piano
9.0%
2
Guitars
8.4%
3
Drums
2.1%
4
Violin
1.8%
5
Saxophone
1.0%
6
Trumpet
0.7%
7
Cello
0.3%
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Sports showed an eclectic mix of universally popular activities but also some culture or region-specific. Aside from the global common denominator of football/soccer, the top ranking golf, skiing, and tennis make up the trinity of traditional ‘rich’ sports. Thereafter, traditionally American sports feature, largely due to the greater UHNW population overall and coverage in this region (see Considerations section).
SPORTS (SPORT)
Rank Hobby Name
% of UHNW who like sports
1
Golf
26.6%
2
Football/Soccer
15.3%
3
Skiing
14.1%
4
Tennis
11.6%
5
Basketball
8.1%
6
American Football
18.4%
7
Baseball
7.6%
8
Cycling
6.5%
9
Automobile Racing
5.1%
10
Swimming
4.8%
11
Horse Racing
4.7%
12
Cricket
3.1%
13
Hockey
2.7%
14
Rugby
2.6%
15
Water Sports
2.5%
16
Athletics
2.5%
17
Diving
2.3%
18
Polo
2.0%
19
Ice Hockey
1.9%
20
Martial Arts
1.8%
21
Surfing
1.6%
22
Squash
1.5%
23
Boxing
1.4%
24
Motorbiking
1.1%
25
Table Tennis
1.0%
26
Wrestling
0.9%
27
Volleyball
0.8%
28
Badminton
0.8%
29
Lacrosse
0.7%
30
Running
0.5%
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Art subcategories were broken down by period and medium. Despite condensing movements from the renaissance to the mid-19th century to create three period categories, the preference for contemporary art is noteworthy. This may be explained by several factors, not least relative scarcity, and the interest in art beyond the aesthetic, i.e. as an investment vehicle. In terms of medium, paintings and drawings are unsurprisingly at the top of the table. What is remarkable is the exceptional popularity of photography among the UHNW.
ART (PERIOD) % of UHNW who like Art
Rank Period 1
Contemporary (1946-)
9.0%
2
Modern (1860-1945)
8.4%
3
RenaissanceRomanticism (pre1860)
2.1%
ART (MEDIUM)
Rank Medium
% of UHNW who like Art
1
Painting/Drawing
24.7%
2
Photography
18.5%
3
General
10.1%
4
Sculpture
6.8%
5
Antiquities
2.7%
6
Antiques
1.4%
7
Pottery/Ceramics
1.4%
8
Prints
0.8%
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The ranking for Collectibles shows Art as the clear outlier with watches proving more popular than jewelry for collecting. Stamps were marginally more popular than coins, and gun collections scraped into the top 10 ranking. Again, note that these are percentages based on the subset of UHNW individuals who like Collectibles.
COLLECTIBLES (TYPE)
Rank Type
% of UHNW who like Collectibles
1
Art
46.9%
2
Watches
12.7%
3
Antiques
7.5%
4
Jewelery
7.4%
5
Stones
5.8%
6
Stamps
3.5%
7
Books & Documents 1.9%
8
Coins
1.8%
9
Cars
1.4%
10
Guns
1.3%
Animals subcategories were limited, with a menagerie of more unlikely animals with very low incidences. Horses are the most popular UHNW animal, perhaps in part explained by universality, with a passion for horses in North America, Europe, and the Middle East. Dogs are a close second, far eclipsing the popularity of their traditional rival Cats.
ANIMALS (ANIMAL)
Rank Type
% of UHNW who like Animals
1
Horses
39.6%
2
Dogs
33.0%
3
Cats
3.6%
4
Fish
3.1%
5
Birds
0.9%
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ABOUT WEALTH-X Wealth-X is the leading global wealth information and insight business, partnering with prestige brands across the financial services, luxury, not-for-profit, and higher education industries. We have developed the largest collection of hand-curated dossiers on ultra high net worth individuals available anywhere in the world today, as well as the world’s foremost high net worth market research team. At Wealth-X, we believe in the power of applied wealth intelligence to drive success for our clients. Our proprietary data assets and specialized research capabilities help our clients understand and engage their target audience, minimize their risk, and make informed strategic decisions.
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